Wall Street pointed modestly higher early today, according to the Associated Press, appearing to be headed for a positive open to the final full trading week of the year. Futures for the S&P 500 and the Dow Jones Industrial Average each edged 0.1% higher before the bell.
U.S. Steel shares jumped about 28% after Japan’s Nippon Steel said it would acquire the storied steelmaker in an all-cash deal valued at about $14.1 billion, or $14.9 billion with debt. That’s nearly double what was offered just four months ago by rival Cleveland Cliffs.
Stocks overall bolted higher last week after the Federal Reserve seemed to give a nod toward hopes that it has finished raising interest rates and will begin cutting them in the new year.
In other trading early today, U.S. benchmark crude oil rose 45 cents to $71.88 per barrel in electronic trading on the New York Mercantile Exchange. It fell 15 cents to $71.43 on Friday.
Brent crude, the international standard, picked up 69 cents to $77.24 per barrel.
